Democracy Fails Without Cryptocurrency

April 22, 2024 Bitcoin.com

Tech Industry Leaders Call for AI Labs to Pause Development for Safety, Coinbase CEO Disagrees

March 31, 2023 Bitcoin.com

Bitcoin ‘fixes democracy’ and fights corruption: Human Rights Foundation

February 21, 2023 Coin Telegraph

Human Rights Foundation CSO argues that Bitcoin represents free speech, property rights and open capital markets — stifling the power of tyrannical governments.

Bitcoin fixes broken democracies and fights government corruption by limiting its power to control its people, argues Bitcoin advocate and chief strategy officer of the Human Rights Foundation, Alex Gladstein.

In a Feb. 20 interview, Gladstein argued that the decentralized nature of Bitcoin (BTC) can act as a barrier against corruption and tyranny.

"Where the democracies have broken down, I do think it's very clearly related to fiat currency, and I do think that Bitcoin fixes this in a way," he said.

“#Bitcoin fixes democracy…#Bitcoin is…free speech, property rights & open capital markets…tyrants need…the opposite: they need censorship…confiscation & closed capital markets”@gladstein https://t.co/n7mVr3bDwA
— What Bitcoin Did (@WhatBitcoinDid) February 20, 2023

Gladstein is the chief strategy officer of HRF and has served the non-profit organization since 2007. The foundation is focused on promoting and protecting human rights globally — particularly in countries where its people live "under authoritarian rule."

Gladstein also delivers lectures on Bitcoin and the future of money at Singularity University events, according to his bio.

During the interview, Gladstein said Bitcoin represents free speech, property rights and open capital markets, all of which are stifling to a tyrannical government — which often needs censorship, confiscation and closed capital markets, stating:

"This is what China and Russia need to survive they need censorship, they need close capital markets and they need confiscation, Bitcoin makes it really hard for governments to impose those things on their people."

Both Russia and China have been hostile toward crypto in the past. The Chinese government banned virtually all crypto transactions in 2021; however, the upcoming crypto licensing regime in Hong Kong has led to speculation China's stance on crypto is softening.

Russia’s major crypto law, “On Digital Financial Assets,” officially prohibited the use of crypto for payment purposes in 2020. The law did not ban Russians from investing in crypto, but local crypto exchanges have remained unregulated.

"I don't see these dictatorial powers doing well in a Bitcoin standard; I think it becomes really hard for them," Gladstein added.

Gladstein's argument about crypto has echoed similar views from others in the past. Bitcoin infrastructure provider OpenNode voiced similar opinions in a 2021 post about the benefit that BTC donations had in evading authoritative crackdowns.

"One of the benefits of Bitcoin is its censorship resistance," OpenNode wrote at the time.

"Without any central authority to dictate who can and can't use Bitcoin, it has proven to be the currency of choice for many individuals and organizations who have been left out of traditional payment methods."

According to a February 2022 investigation by blockchain analytics firm Elliptic, one of the biggest reasons for embracing blockchain-based fundraising was to avoid traditional accounts being closed by financial institutions.

Gladstein predicts there will be a lot more "trigger moments" in the coming years of people having "technical and liquidity trouble with traditional financial services," which will result in more people shifting to BTC as an alternative.

"If there's a conflict or a breakdown in trade or communications, you're just gonna see a whole hell of a lot of problems, and every single one of those is like a moment that's gonna mint a new Bitcoiner out of necessity," he said.

60 Organizations Launch Campaign Urging US Congress to Protect Privacy

February 1, 2023 Bitcoin.com

Ruby on Rails creator backpedals about Bitcoin: ‘We need crypto’

February 21, 2022 Coin Telegraph

Canada

Ruby on Rails creator makes u-turn on Bitcoin due to Canada’s financial crackdown on COVID-19 vaccine protesters.

Canada’s move to freeze Bitcoin (BTC) wallets and bank accounts related to COVID-19 vaccine protests is driving cryptocurrency adoption, with some crypto naysayers reconsidering their stance on Bitcoin.

David Heinemeier Hansson, the Ruby on Rails web development framework creator, took to Twitter on Monday to tell his followers that he was no longer a Bitcoin skeptic.

“I still can’t believe that this is the protest that would prove every Bitcoin crank a prophet. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto's fundamental necessity in Western democracies,” Hansson wrote.

"I still can't believe that this is the protest that would prove every Bitcoin crank a prophet. And for me to have to slice a piece of humble pie, and admit that I was wrong on crypto's fundamental necessity in Western democracies." https://t.co/9smNKyabm0
— DHH (@dhh) February 21, 2022

In a blog post titled “I was wrong, we need crypto,” the Danish programmer mentioned that he’s been skeptical about Bitcoin and the crypto industry in general since the early 2010s. He noted that some of his biggest arguments against Bitcoin were the cryptocurrency’s energy consumption, transaction fees, the lack of real decentralization, supposed fraud involving Tether (USDT) stablecoin and many others.

But all these arguments do not provide enough reasons to disregard cryptocurrencies as a tool to support freedom and democracy in situations where countries like Canada impose martial law in response to peaceful protest movement, Hansson argued, stating:

“It's clear to me now that I was too hasty to completely dismiss crypto on the basis of all the things wrong with it at the moment. Instead of appreciating the fundamental freedom to transact that it's currently our best shot at protecting.”

Hansson’s transformation from a Bitcoin skeptic to a Bitcoin supporter in response to Canada’s invoked Emergencies Act is another example of the growing crypto adoption fueled by somewhat excessive involvement of the state.

“Tons of falsehoods in this article about bitcoin. But still shows the situation in Canada is going to accelerate bitcoin adoption,” crypto podcaster Neil Jacobs noted.

Morgan Creek Digital co-founder Anthony Pompliano also pointed out previously that authoritarian moves by countries like Canada are “Bitcoin’s marketing team.”

Authoritarian governments are Bitcoin’s marketing team.
— Pomp (@APompliano) February 15, 2022

According to some reports, Justin Trudeau’s financial crackdown on vaccine protesters could have triggered bank runs in Canada amid major banks and ATMs going offline.

What the hell is happening to Canada’s banks right now? pic.twitter.com/NRjPWlG0GE
— James Melville (@JamesMelville) February 16, 2022

Crypto community condemns Canada for freezing dissidents’ Bitcoin wallets

February 18, 2022 Coin Telegraph

Coin Telegraph

Kraken’s CEO admitted that the firm could be forced to freeze some wallets by the police, advising to move crypto out of exchanges.

Global cryptocurrency enthusiasts have expressed concerns over Canadian authorities freezing bank accounts and crypto wallets involved in funding local COVID-19 protests.

On Thursday, Ontario Superior Court Justice Calum MacLeod issued an order freezing all the digital assets and bank accounts associated with “Freedom Convoy,” a series of ongoing protests against COVID-19 vaccine mandates and restrictions.

According to a report by the Toronto Star, the amount of funds frozen so far in bank accounts and digital wallets with Bitcoin (BTC) and other assets is estimated at more than $1 million.

“The names of both individuals and entities as well as crypto wallets have been shared by the RCMP with financial institutions and accounts have been frozen and more accounts will be frozen,” Deputy Prime Minister Chrystia Freeland reported Thursday.

She also argued that the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) “lacked the necessary authorities to oversee the new world of cryptocurrency.”

Deputy PM Chrystia Freeland: "The names of both individuals and entities as well as crypto wallets have been shared by the RCMP with financial institutions and accounts have been frozen and more accounts will be frozen." pic.twitter.com/iA69DbRJl1
— True North (@TrueNorthCentre) February 17, 2022

Major crypto advocates have subsequently reacted to the news, with Kraken CEO Jesse Powell condemning Canadian authorities. “Due process is for plebs. Might makes right in Canada. If someone dissents, you just confiscate their wealth, revoke their licenses, exclude them from the financial system and kill their pets. No need to debate the law, policy or even rights when you have a monopoly on violence,” he wrote on Twitter.

Powell also expressed concerns over crypto holders, admitting that it could be possible that Kraken could potentially be forced to freeze assets by police without judicial consent, stating:

“100% yes it has/will happen and 100% yes, we will be forced to comply. If you’re worried about it, don’t keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.”

Anthony Pompliano, co-founder and partner of Morgan Creek Digital, noted that the ongoing events in Canada very much resembled a situation in China, which is commonly referred to as an authoritarian capitalist state.

Wow.

China is freezing dissidents bank accounts and threatening citizens who express their freedom of speech

…oh wait, sorry.

It’s Canada. Not China.

CANADA
— Pomp (@APompliano) February 18, 2022

Salvadoran President Nayib Bukele also took to Twitter to condemn Canadian authorities for making the country fail as a top-ranking country in the “democracy index.” Bukele argued that the widely reported supposed Ukraine–Russia crisis is a distraction, while the “real war” against freedom is happening in countries such as Canada.

The real war is not in Ukraine, it’s in Canada, Australia, France, Brussels, England, Germany, Italy...

They just want you to look the other way.
— Nayib Bukele (@nayibbukele) February 13, 2022

As previously reported, Canadian Prime Minister Justin Trudeau invoked the Emergencies Act on Monday, which allowed local regulators to freeze Freedom Convoy protesters’ bank accounts and monitor “large and suspicious transactions,” including crypto.

The order specifically extended the scope of Canada’s Anti-Money Laundering and anti-terrorist financing rules to cover crowdfunding platforms and the payment processors they use. “This change covers all forms of transactions, including digital assets such as cryptocurrencies,” FINTRAC said on Tuesday.

Indian PM calls for cryptocurrencies to ’empower’ democracy at global summit

December 10, 2021 Coin Telegraph

Coin Telegraph

Narendra Modi also called for a global standard on cryptocurrencies and major social media platforms in an effort to facilitate free and fair elections and governance.

Cryptocurrency made an appearance at a global online summit for world leaders in a speech from Indian Prime Minister Narendra Modi.

At Friday’s events for the Summit for Democracy hosted by U.S. President Joe Biden, Modi said India would be willing to offer other countries “innovative digital solutions” to facilitate free and fair elections and governance. In addition, the Prime Minister called for a global standard on cryptocurrencies and major social media platforms, likely referring to the impact some have had on politics in India as well as many other countries:

"We must also jointly shape global norms for emerging technologies like social media and cryptocurrencies so that they are used to empower democracy, not to undermine it [...] By working together, democracies can meet the aspirations of our citizens.”

*Indian Prime Minister Narendra Modi speaking at Friday's Summit for Democracy*

As the Prime Minister of India, Modi represented roughly 1.4 billion people at the summit, the largest democracy in the world by a large margin. His remarks came as the Indian government prepares to consider a bill that could ban certain cryptocurrencies, but also encourage the creation of a digital rupee.

Different reports have suggested that the legislation is aimed at regulating crypto rather than banning it. The same bill has previously appeared on the Indian parliament’s agenda but has not yet led to a vote. The Reserve Bank of India also had a blanket ban on crypto on the books until March 2020, when the country’s supreme court overturned it.

Despite the lack of regulatory clarity in India, Modi has called on countries to work together on crypto and blockchain and urged others to consider the ethics when using the technology. The next general election in India is expected to occur in 2024 when citizens will choose new members for the country’s lower house of parliament.

“It is important that all democratic nations work together on [crypto] and ensure it does not end up in wrong hands, which can spoil our youth,” said the PM in a Nov. 17 tweet.

Democratic senators oppose President Biden’s OCC Omarova nomination

November 27, 2021 Coin Telegraph

Coin Telegraph

Saule Omarova’s nomination for Comptroller of the Currency faces policy objections from Democrats and senate banking committee members.

A group of five Democratic senators has reportedly rejected President Joe Biden’s nominee, Saule Omarova, to head the Office of the Comptroller of the Currency (OCC).

Omarova’s nomination as a bank regulator was initially opposed by three members of the Senate Banking Committee — Senators Jon Tester, Mark Warner, and Kyrsten Sinema — on a phone call with panel chairman Sen. Sherrod Brown, as reported by Axios. The opposition was further supported by Senators John Hickenlooper and Mark Kelly.

Omarova is known for anti-crypto sentiments who has previously worked as Special Advisor for Regulatory Policy to the Under Secretary, Domestic Finance. As a result of the opposition from five Democrats and all Republicans, the White House nominee requires every other Democratic candidate to vote for her appointment.

Senators questioned Omarova regarding her nomination on Nov. 18, including Senator John Ossoff of Georgia, who had specific questions for Omarova about cryptocurrency. Her comments recognized some of the utility that cryptocurrency brings to financial markets, but she focused on the potential for cryptocurrency to undermine the US dollar, aspects of which the Comptroller of the Currency is charged with regulating.

What happens next is one of two things. Either the Biden administration persuades the democratic senators who object to Omarova’s nomination to change their minds, or the administration picks a new nominee for senate confirmation.

In October, Senator Pat Toomey pressured Omarova about her missing Marxism thesis, and in early November, the acting Comptroller of the Currency, Michael J. Hsu, singled out Tether and Binance as risky players in the blockchain space.

Senator Hickenlooper’s Denver office did not immediately respond to Cointelegraph’s request for comment.

Turning up the regulatory heat, Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, issued notices that require crypto firms to release information related to consumer and investor protection on stablecoins.

As Cointelegraph reported, Brown’s notice was directed to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether, who now require to hand over the requested information by Dec. 03. The crypto businesses will need to share information on purchasing, exchanging and minting stablecoins.

Additionally, the firms are expected to also share the number of tokens in circulation and how often users exchange them for U.S. dollars. According to the senator, investors “may not appreciate the complexity and distinct features and terms of each stablecoin.” According to the letter:

“I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets and how those terms may not be consistent across digital asset trading platforms.”

Texas Democratic Party aims to use NFT sales for fundraising efforts

October 12, 2021 Coin Telegraph

Coin Telegraph

“We can’t wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives," said Front Row co-founder Parker Butterworth.

Front Row, a marketplace geared towards progressive organizations, has said it will be partnering with the Texas Democratic Party to pilot a program aimed at raising money for candidates and causes using nonfungible tokens.

In an Oct. 11 announcement, Front Row said it had already minted digital images of key moments related to the progressive movement, and listed the nonfungible tokens (NFTs) for sale. Some of the featured NFTs include “wanted” posters depicting conservative Texan lawmakers fleeing the state.

Front Row says that the funds raised through its NFTs will go “directly towards political groups and individuals,” but did not specify how it planned for the digital purchases to be compliant with current campaign finance laws. Under U.S. law, candidates for federal offices appear unable to receive more than $5,800 from a single individual for the sale of one or more NFTs.

“NFTs will become a powerful addition to any political fundraising effort, and the launch of our marketplace will give Democrats across the country a fundraising advantage that its counterparts do not have,” said Front Row co-founder Parker Butterworth, likely referring to Republicans. “We can’t wait to continue turning powerful, exclusive, behind-the-scenes moments into digital assets that help fuel progressive objectives.”

Keeping in line with progressive values, Front Row said it also blockchain platform will strive to be carbon-negative by donating a portion of the NFT proceeds to “carbon capture and reduction” causes. Though the platform is starting at the state level in Texas, it hinted at expanding to national candidates and causes.

Though many local, states, and federal candidates for office in the United States have announced they would be accepting donations in cryptocurrency — likely in a bid to engage younger, tech-savvy voters — NFTs have largely been absent from talks in Congress.

Cointelegraph reported in August that the current 117th Congress has put forward 18 bills concerning digital assets and blockchain technology in 2021.

Activists archive Hong Kong pro-democracy newspaper on blockchain

June 24, 2021 Coin Telegraph

Activism

Following a national security probe, pro-democracy Hong Kong newspaper Apple Daily printed its final edition and shut down its website.

Hong Kong cyber-activists are not giving up on the freedom of speech and are backing up articles from the pro-democracy tabloid newspaper Apple Daily using blockchain technology.

Following a national security probe, Apple Daily printed its last edition on Thursday. But Hong Kong activists took it from there and uploaded the publication’s articles on a distributed network, Reuters reported.

21-year-old Ho, an anonymous activist working in tech, started uploading Apple Daily articles on decentralized file storage platform ARWeave this week. Backed by investors like Andreessen Horowitz, the platform deploys a blockchain-like structure called blockweave to enable the permanent storage of files across a distributed network of computers. According to sources, more than 4,000 Apple Daily articles have been uploaded on ARWeave as of Thursday.

Apple Daily is one of Hong Kong’s most vocal pro-democracy newspapers, known as the biggest critic of Hong Kong and Chinese leadership. Last week, police froze the assets of several companies linked to Apple Daily. In addition, they arrested five executives, which led to the tabloid printing its final edition, shutting down its website and erasing all its social media accounts on Thursday.

“I’m not doing this because I love Apple Daily. It’s what needs to be done,” Ho said. “I never thought that Apple Daily would disappear so quickly.”

The people of Hong Kong have previously fought against government censorship using blockchain technology, archiving content by public broadcaster Radio Television Hong Kong through LikeCoin, a blockchain-based decentralized publishing infrastructure.

Since 2009, the crypto and blockchain industry has become a symbol of greater freedom, enabling people worldwide to resist centralized powers by building decentralized networks that are essentially impossible to shut down. Apart from helping to resist state censorship, distributed ledger tech and crypto also empower people with financial freedom.

Democracy

Share this video